Financial Management - Business Budget Case - Report Writing Assessment Answer

Internal Code: F_AI_EJEI_CD

Financial Management - Business Budget Case - Report Writing Assessment Answer

Assignment Task: Rationale: The purpose of this assessment is to enable students to apply the knowledge they have gained from this unit. The assignment is designed for students to develop a zero-based budget that shows skills in breaking down costs for a service or project in relation to planned activity levels and outcomes or deliverables. Development of a business case is a common activity for health managers to undertake. Task and instructions For your chosen service or health facility prepare a budget for this new service or project suitable to the Nepean Blue Mountains Local Health District. Prepare this in a report format as discussed in class and as outlined on the vUWS website. A template has been provided on the vUWS online learning platform to assist with this task. 1. Remember that outputs, as well as financial data, are required. 2. In preparing the budget, students should show the build-up of the budget from a zero base including all significant line items. 3. A contingency plan must be included (what happens if desired funding is not available to the optimal level desired) with at 10% less than the optimal budget. Show deletions and cost-cutting measures. 4. Include a financial activity analysis and a break-even analysis chart to show at what level of activity the service ’breaks even’. In the public sector, this means to come in on budget rather than make a profit. Criteria You will be assessed on the following: – Rationale/justification for a new service. – Application of zero-based budgeting principles. – Understanding of activity/output requirements. – Feasibility and accuracy of the break-even analysis. – Quality, feasibility and relevance of performance criteria. – Writing skills. Process Action (insert as a flow chart as attachment 1) Outline the action process, nominating the staff members responsible, actions to be undertaken in relation to this proposal. Who will manage this plan going forward in implementation and over the life of the plan/contract? Financial Information 1. The financial considerations for this proposal will be required in detail (attach the spreadsheet as Attachment 2). 2. In preparing the budget, students should show the build-up of the budget from a zero base including all significant line items. 3. A contingency plan must be included (what happens if desired funding is not available to the optimal level desired) with at 10% less than the optimal budget. Show deletions and cost-cutting measures. 4. Include a financial activity analysis and a break-even analysis chart to show at what level of activity the service ‘breaks even’. In the public sector, this means to come in on budget rather than make a profit.

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